\begin{table}[!htbp] 
\begin{center}

\caption{Cyclicality of US and UK Government Finance}\label{tab:unireg}
Panel A: 1830 -- 1914\\
\scalebox{0.8}{%
\begin{tabular}{@{\extracolsep{5pt}}lcccccc}
	\\[-1.8ex]\hline
	\hline \\[-1.8ex]
	\\[-1.8ex] & \multicolumn{1}{c}{$\Delta \log T_{us}$} & \multicolumn{1}{c}{$\Delta \log T_{uk}$} & \multicolumn{1}{c}{$\Delta \log G_{us}$} & \multicolumn{1}{c}{$\Delta \log G_{uk}$} & \multicolumn{1}{c}{$\Delta s_{us}$} & \multicolumn{1}{c}{$\Delta s_{uk}$}  \\
	\\[-1.8ex] & (1) & (2) & (3) & (4) & (5) & (6) \\
	\hline \\[-1.8ex]
	const & -0.01$^{}$ & 0.02$^{**}$ & 0.02$^{}$ & 0.07$^{***}$ & -0.00$^{*}$ & -0.00$^{*}$ \\
	& (0.02) & (0.01) & (0.02) & (0.02) & (0.00) & (0.00) \\
   real consumption growth & 0.71$^{**}$ & -0.07$^{}$ & 0.24$^{}$ & -1.95$^{**}$ & 0.01$^{}$ & 0.10$^{}$ \\
	& (0.30) & (0.33) & (0.39) & (0.96) & (0.01) & (0.08) \\
	\hline \\[-1.8ex]
	Observations & 44 & 85 & 44 & 85 & 44 & 85 \\
	$R^2$ & 0.12 & 0.00 & 0.01 & 0.05 & 0.01 & 0.02 \\
	Adjusted $R^2$ & 0.10 & -0.01 & -0.01 & 0.04 & -0.01 & 0.01 \\
	Residual Std. Error & 0.08 & 0.05 & 0.10 & 0.16 & 0.00 & 0.01  \\
	F Statistic & 5.87$^{**}$  & 0.05$^{}$  & 0.43$^{}$  & 4.13$^{**}$  & 0.57$^{}$  & 1.43$^{}$  \\
	\hline
	\hline \\[-1.8ex]
	\textit{Note:} & \multicolumn{6}{r}{$^{*}$p$<$0.1; $^{**}$p$<$0.05; $^{***}$p$<$0.01} \\
\end{tabular}
}
\\
Panel B: 1830 -- 1946\\
\scalebox{0.8}{%
\begin{tabular}{@{\extracolsep{5pt}}lcccccc}
	\\[-1.8ex]\hline
	\hline \\[-1.8ex]
	\\[-1.8ex] & \multicolumn{1}{c}{$\Delta \log T_{us}$} & \multicolumn{1}{c}{$\Delta \log T_{uk}$} & \multicolumn{1}{c}{$\Delta \log G_{us}$} & \multicolumn{1}{c}{$\Delta \log G_{uk}$} & \multicolumn{1}{c}{$\Delta s_{us}$} & \multicolumn{1}{c}{$\Delta s_{uk}$}  \\
	\\[-1.8ex] & (1) & (2) & (3) & (4) & (5) & (6) \\
	\hline \\[-1.8ex]
	const & 0.05$^{**}$ & 0.03$^{***}$ & 0.08$^{*}$ & 0.08$^{***}$ & -0.00$^{}$ & -0.01$^{***}$ \\
	& (0.03) & (0.01) & (0.05) & (0.02) & (0.00) & (0.00) \\
    real consumption growth & -0.05$^{}$ & -0.46$^{**}$ & -0.62$^{}$ & -2.76$^{***}$ & 0.07$^{}$ & 0.75$^{***}$ \\
	& (0.49) & (0.21) & (0.85) & (0.57) & (0.08) & (0.12) \\
	\hline \\[-1.8ex]
	Observations & 76 & 117 & 76 & 117 & 76 & 117 \\
	$R^2$ & 0.00 & 0.04 & 0.01 & 0.17 & 0.01 & 0.25 \\
	Adjusted $R^2$ & -0.01 & 0.03 & -0.01 & 0.16 & -0.00 & 0.24 \\
	Residual Std. Error & 0.19 & 0.07 & 0.33 & 0.19 & 0.03 & 0.04  \\
	F Statistic & 0.01$^{}$  & 4.74$^{**}$  & 0.50$^{}$  & 23.45$^{***}$  & 0.87$^{}$  & 38.50$^{***}$  \\
	\hline
	\hline \\[-1.8ex]
	\textit{Note:} & \multicolumn{6}{r}{$^{*}$p$<$0.1; $^{**}$p$<$0.05; $^{***}$p$<$0.01} \\
\end{tabular}
}
\\
Panel C: 1947 -- 2020\\
\scalebox{0.8}{%
\begin{tabular}{@{\extracolsep{5pt}}lcccccc}
	\\[-1.8ex]\hline
	\hline \\[-1.8ex]
	\\[-1.8ex] & \multicolumn{1}{c}{$\Delta \log T_{us}$} & \multicolumn{1}{c}{$\Delta \log T_{uk}$} & \multicolumn{1}{c}{$\Delta \log G_{us}$} & \multicolumn{1}{c}{$\Delta \log G_{uk}$} & \multicolumn{1}{c}{$\Delta s_{us}$} & \multicolumn{1}{c}{$\Delta s_{uk}$}  \\
	\\[-1.8ex] & (1) & (2) & (3) & (4) & (5) & (6) \\
	\hline \\[-1.8ex]
	const & -0.03$^{*}$ & 0.02$^{***}$ & 0.07$^{***}$ & 0.04$^{***}$ & -0.02$^{***}$ & -0.01$^{**}$ \\
	& (0.01) & (0.01) & (0.02) & (0.01) & (0.00) & (0.00) \\
	real consumption growth & 1.79$^{***}$ & 0.29$^{}$ & -0.99$^{**}$ & -0.60$^{*}$ & 0.56$^{***}$ & 0.30$^{**}$ \\
	& (0.36) & (0.18) & (0.42) & (0.31) & (0.10) & (0.12) \\
	\hline \\[-1.8ex]
	Observations & 74 & 74 & 74 & 74 & 74 & 74 \\
	$R^2$ & 0.26 & 0.03 & 0.07 & 0.05 & 0.31 & 0.08 \\
	Adjusted $R^2$ & 0.24 & 0.02 & 0.06 & 0.04 & 0.30 & 0.07 \\
	Residual Std. Error & 0.06 & 0.03 & 0.07 & 0.05 & 0.02 & 0.02  \\
	F Statistic & 24.67$^{***}$  & 2.56$^{}$  & 5.59$^{**}$  & 3.81$^{*}$  & 31.76$^{***}$  & 6.43$^{**}$  \\
	\hline
	\hline \\[-1.8ex]
	\textit{Note:} & \multicolumn{6}{r}{$^{*}$p$<$0.1; $^{**}$p$<$0.05; $^{***}$p$<$0.01} \\
\end{tabular}
}
\end{center}
\footnotesize{
This table reports the regression results of log cash flow growth on real consumption growth for both U.S. and U.K. The first two columns report the regressions of the change in the log of $T$ on consumption growth. The next two columns report the same for results for the change in the log of $G$. The last two columns report the same for results for the change in surplus/GDP. Panel A and Panel B report the regression results for the pre-1914 sample and pre-1946 sample respectively. For the UK, the sample starts from 1830. For the US, the sample starts from 1870. Panel C reports the results for the sample from 1947 to 2020. }
\end{table}